This Plan is introduced since 15.12.1956. It is a with Profits Plan. And, it is a popular plan that fulfilling long / short term financial needs. We can have the features of this plan as follows:
Age
Min. age at entry : 12 Years
Max. age at entry : 65 Years
Max. maturity age : 75 Years
Minimum Term : 5 Years
Maximum Term : 55 Years
Min.Sum Assured : Rs.50,000
Max.Sum Assured : No Limit
S.A in multiples : Rs.5,000
Modes Allowed : Monthly, Quarterly, Half-Yearly, Yearly and Salary
Savings Scheme (SSS)
Accident Benefit
Accident Benefit Extra : Re.1 Per 1000 S.A
Underwriting Requirements
Female lives category : I/II/III
Age Proof : Standard/Non Standard Age Proof-1/2/3
Form Number : 300 / 340
Date Back:
Allowed in this Plan by paying a fee of 8%
Medical:
Non-Medical General : Allowed
Non-Medical Professional : Allowed
Non-Medical Special : Allowed
Death Benefit:
Basic sum assured plus accrued Bonus, final additional bonus, if any will be paid by LIC if the life assured become death . Such a death happened because of an accident, an equal sum assured will be paid by LIC.
Loan Facility:
This plan have a facility of loan @ 9% per annum. Normally, the interest is calculated six months once.
Assignment:
Any one under this plan can assign his policy rights to any one for the purpose of getting loan from banks/financial institutions under a limited conditions. Further, One can assign his policy rights to his blood related person because of his love and affection. So, this plan can be used as a will.
Revival:
After a lapsed premium payment, one can revive his policy by paying the premium arrears. The revival can be done by using Special Revival Schemes also.
Other Features:
Surrender of Policy : Yes. But, after 3 Policy Years
Survival Benefits : Nil
Term Rider Option : Yes
Critical Illness Rider : Yes
Key-Man Insurance : No
Bonus:
LIC declares bonuses to with profits plans every year. Every policyholder under this plan is eligible for Bonus. Additionally, LIC gives one more bonus, ie. Final additional bonus. But, it is restricted only for the policies in which the premiums to be paid for 15 years or more.
Premium Payment:
One can remit his premium at any branch office of LIC, any where in